After a strong Sunday night opening of futures markets for natural gas, Bentek Energy reported Monday morning that total U.S. demand increased 0.5 Bcf per day to 62.2 Bcf per day.
Bentek attributed the uptick in demand to power burn in the Northeast as temperatures rose above normal and thus created cooling demand. Bentek predicts that power burn will continue to increase throughout the Northeast during the course of the week as temperatures climb near 78 degrees.
Alternatively, Bentek reported that total U.S. production dipped 0.3 Bcf per day to 72.2 Bcf per day on Sunday, but remain unchanged relative to Friday’s production numbers.
Natural gas futures for July ’15 delivery traded higher Monday morning at $2.651, a gain of six cents from its previous close. A weaker dollar on Monday morning was also supportive of the commodity.
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